Gold will move 1000 Pips Up and Down
Weekly Market Analysis: XAUUSD (Daily Chart)
This week's analysis of the XAUUSD pair on the daily chart reveals several key insights. Notably, a parallel channel has formed started from August, housing strong Resistance and Support zones. Historical price action indicates a consistent respect for Resistance Zone 4 and Support Zone 3, with multiple instances of trend reversals occurring at these levels.
Last Week, the price reversed bullish upon touching the support zone between 2600-2605. However, after reaching the resistance zone between 2753-2757, the trend reversed bearish once again today. Currently, the price action demonstrates respect for the support zone ranging from 2680-2685.
Trading Strategy:
Based on these observations, a strategic entry point for sellers would be upon retest of the 2680 level, with a long-term hold. Conversely, buyers may seek opportunities from 2680-2685, targeting a potential rally towards 2780.
This week's analysis of the XAUUSD pair on the daily chart reveals several key insights. Notably, a parallel channel has formed started from August, housing strong Resistance and Support zones. Historical price action indicates a consistent respect for Resistance Zone 4 and Support Zone 3, with multiple instances of trend reversals occurring at these levels.
Last Week, the price reversed bullish upon touching the support zone between 2600-2605. However, after reaching the resistance zone between 2753-2757, the trend reversed bearish once again today. Currently, the price action demonstrates respect for the support zone ranging from 2680-2685.
Trading Strategy:
Based on these observations, a strategic entry point for sellers would be upon retest of the 2680 level, with a long-term hold. Conversely, buyers may seek opportunities from 2680-2685, targeting a potential rally towards 2780.
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